Investing in a home is a decision people carefully make, whether you’re buying from a realtor or, a dealer. However, there are more things to consider in buying a mobile home aside from the property’s aesthetics, location, and size. As a mobile home buyer, you should create a list of factors before buying a home. But if you don’t know which factors to consider before purchasing a mobile home phone, here are some ideas.
1. Financing Options in Georgia
Homeowners can have different financing options, such as paying cash upfront, getting a loan, taking out a loan using a second mortgage, or financing using a credit card. However, mobile home loans are different from home loans.
Therefore, you have to know how the financing options are available. It can help you determine how much you need to spend on the home. The type of financing you choose depends on your financial condition, desired down payment amount, and interest rates.
2. Purchasing Fees
The actual cost of buying a mobile home is more than its price. But some of these fees are regular fees you have to pay when you buy a regular stick-built home from a realtor. You should check the costs we have to pay when purchasing a mobile home. Such expenses include home appraisal fees, escrow fees, home inspection fees, title transfer fees, and mobile home registration fees.
3. Property Value Over Time (Appreciation & Depreciation)
Buying a mobile home is like leasing an apartment. Since it is not real property, it does not increase in value. However, you should consider the property’s value over time. You will know if you can sell the mobile home for more than its price in the long run. You can see how the property value will change once you buy it. Several factors will affect the property value, such as the location and condition.
4. Parking Spaces (Mobile Home Parks)
It is essential to know how many parking spaces you will have if you buy a mobile home. Since it is a mobile home, you have to see the limit of parking space. Most mobile homes have one parking space per unit if they are located in a mobile home park.
5. Space Requirements
Before buying a mobile home, you need to know the living space requirements. It can help you determine how much you need to spend on the house.
It will also help you determine if the mobile home is worth investing in or not. You need to check the number of bedrooms, bathrooms, and kitchens. This should be a deciding factor, and help you determine if the mobile home is worth the money or not.
6. Taxes and Deductions
Buying a mobile home is similar to leasing one. It is not real property unless it is affixed to a foundation. Thus, it does not have taxes and deductions. But you can have a trade-in allowance when you buy a mobile home from a dealer. Something to consider: Will you receive a trade-in allowance when purchasing a mobile home from a dealer — ask them! You can also use it to pay for the expenses of your mobile home purchase.
Conclusion
Before you buy a mobile home from a realtor, it is essential to know if it is worth the investment. In many cases you can purchase a manufactured or mobile home with land for less than market value, or purchase land and move a mobile home on the land for less than you would be able to if you bought from a realtor. You have to check its actual price. You have to check the fees to pay when you purchase a mobile home. You also have to check the property value and space required. Finally, you have to check if there are taxes and deductions you can use to your advantage.
Mobile Home Gone is a mobile home dealer in Georgia helping clients buy or sell their mobile homes in Georgia. Our goal is to make the transactions easier for buyers and sellers, making their experience worthwhile. Get an offer from mobile home buyers near me by contacting us through our website today.